New Issue: BNZ International Funding sells $650 million 2.65% notes due 2022 at 85 bps spread

By Cristal Cody

Tupelo, Miss., July 27 – BNZ International Funding Ltd. sold $650 million of 2.65% notes due Nov. 3, 2022 (Aa3/AA-) on Thursday at a spread of Treasuries plus 85 basis points, according to a market source.

The notes were talked to price in the Treasuries plus 87.5 bps area, plus or minus 5 bps.

Citigroup Global Markets Inc., nabSecurities, LLC, RBC Capital Markets LLC and Wells Fargo Securities, LLC were the bookrunners.

The company is a financing arm for Auckland, New Zealand-based Bank of New Zealand.

Issuer:	BNZ International Funding Ltd.
Amount:	$650 million
Description:	Notes
Maturity:	Nov. 3, 2022
Bookrunners:	Citigroup Global Markets Inc., nabSecurities, LLC, RBC Capital Markets LLC and Wells Fargo Securities, LLC
Coupon:	2.65%
Spread:	Treasuries plus 85 bps
Trade date:	July 27
Ratings:	Moody’s: A1
	S&P: AA-
Price talk:	Treasuries plus 87.5 bps area, plus or minus 5 bps

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